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The British Chancellor Rachel Reeves is asked to dispel rules on Wednesday that hinder the recruitment of foreign talents by financial groups, since the City of London requires a more open approach to migration to increase growth.
Reeves will meet bosses of the leading Great Britain Banks In the context of the efforts to create a new industrial strategy, however, will appear more and more: The economy needs more highly qualified workers.
“Great Britain is in a competition for high -quality talents,” said Miles Celic, Managing Director of TheCityuk Lobby Group. “It is important to further reduce bureaucracy to bring high -quality people to Great Britain.”
The demand for more talents in overseas is a problem for the Labor government of Sir Keir Starrer From reform UK.
Reeves and Jonathan Reynolds, Minister of the Business, create an industrial strategy for eight sectors, including financial services, as the cornerstone of their growth policy.
However, civil servants who work on the strategy said that a number of sectors, from banking to technology and biosciences, have similar requirements from ministers. “There are major problems with skills and visas,” said an official.
This month the House of Lords Science Committee said that the United Kingdom was obliged “An act of self -harm” Because high visa fees and an inflexible immigration system deter students and early career researchers.
Reeves will organize the bosses of banks such as HSBC, Lloyds, Barclays, Santander UK and Natwest to discuss a strategy to increase financial services with migration, regulation and tax high on the agenda.
Inquiries include Reeves to accelerate the reforms into the “Senior Manager Regime”, which were introduced after the crash of 2008, which have held some bankers from coming to London.
Since 2016, the regime has forced leading employees to be banners, construction companies and credit cooperatives to assume personal responsibility for violations if they had not taken any “reasonable steps” to prevent them. The punishments range from fines to prohibited.
UK Finance, which represents 300 companies in the industry, said that the regime had “become large parts of people and compliance, and had become quite stressful”.
The Ministry of Finance said that it would react to a “call for evidence” for the reform of the regime shortly and “to provide optimized regulation that limits the burden on industry and at the same time maintains appropriate protective measures”.
It added: “We will contact whether the current certification regime should be replaced so that the companies continue to ensure that relevant employees are fit and properly, but the requirements are less stressful.”
UK Finance said that Reeves also urged to carry out reforms for bank taxation, to rationalize regulation and to oblige social media, technology and telecommunications companies to share the banks with banks.
The industrial strategy, which is to be completed in the spring, covers eight sectors: financial services, professional and business services, organic sciences, creative industry, defense, digital and tech, Advanced Manufacturing and Clean Energy Industries.
Reeves said last month at the World Economic Forum in Davos that “she would once again examine routes for the highest experienced people” and picked up visas in the areas of artificial intelligence and biosciences.
Companies can hire employees from overseas as part of the specialist visa program of the Interior Ministry. There was 50,900 main applications Between April and December 2024, 6 percent less than in the same period in 2023.
Last year HSBC was one of the large British companies to withdraw Job offers for foreign graduates after the previous conservative government increased the salary threshold for specialists to 38,700 GBP. Labor has retained the higher threshold.
Reeves announced her dialogue with the financial services sector last month: “I am striving to work hand in hand with the industry to ensure that our plans are informed by those who offer and use financial services.”
